Overview
- John Ternus formally assumed the CEO role at Apple on Tuesday, September 1, 2026, replacing Tim Cook who moves to executive chairman.
- An amended SEC Form 8-K filed the same day sets Ternus’s fiscal‑2027 target compensation at about $58 million, including a $3 million base salary and a $55 million annual equity award.
- The filing says 75 percent of Ternus’s $55 million award will be performance‑based restricted stock units that vest only if Apple’s total shareholder return beats peers in the S&P 500 and 25 percent will vest on a time schedule.
- Ternus told staff in a first memo that “we have a huge launch next week,” and Apple’s Sept. 9 product event is widely reported to be his first public test; reports say that event may include new iPhone 18 Pro models and a foldable iPhone but those device plans remain unconfirmed by Apple.
- Bloomberg and other outlets report Ternus will lead a broad hardware push, overseeing as many as ten new product categories, and analysts say his success will hinge on shipping that pipeline, improving Apple’s AI offerings, and managing supply and chip constraints.